Piramal looking to expand in real estate financing

By Zeba Siddiqui and Euan Rocha

MUMBAI- Indian conglomerate Piramal Enterprises said it is looking to expand its real estate development business and also expects to have a licence to start providing home mortgages by July.

The Mumbai-based group, whose interests range from pharmaceuticals to financial services and real estate financing in India's big ci

UCO Bank says RBI begins "corrective action" over high bad loans

MUMBAI  - The Reserve Bank of India (RBI) has initiated "prompt corrective action" for state-run UCO Bank over its high bad loans and negative return on assets, UCO said on Friday.

UCO, in a filing to the stock exchanges, said the action "will not have any material impact" on its performance, but did not give details of the corrective action.<

Nestle India posts 7 percent rise in March-quarter profit

Nestle India Ltd posted a near 7 percent rise in its March-quarter profit on Friday, helped by higher domestic sales.

Profit rose to 3.07 billion rupees ($47.75 million), compared with 2.87 billion rupees a year earlier, the Indian unit of packaged food giant Nestle SA said. (http://bit.ly/2qcMsEa)

Domestic sales rose about 10 percent to 24.09 billion rupees.

($1 =

JSPL to commission 6 mtpa steel plant in Odisha by May end

Jindal Steel and Power Plant's (JSPL) six million tonne per annum (mtpa) steel plant in Odisha's Angul would be commissioned by the end of May, JSPL Chairman Naveen Jindal said on Friday.

He said the sinter plant has already been commissioned and the blast furnace is likely to be commissioned by next week.

In the first phase, the Angul steel plant would be

Panasonic Eluga Ray, P85 smartphones launched in India

Panasonic India on Friday launched two smartphones Eluga Ray and P85 at Rs 7,999 and Rs 6,499, respectively, for the domestic consumers.

Both the devices will be available exclusively on Flipkart from May 15.

Eluga Ray features Arbo, an artificial intelligence (AI) assistant that uses tracks and learns your daily life activity patterns.

The device sp

Dr Reddy's says U.S. drug approvals hard to get after "bad" year

By Zeba Siddiqui

MUMBAI  - India's Dr Reddy's Laboratories Ltd said it expects to launch more than 10 products in the United States this year and hopes business there will improve as it caps off what it termed as a "particularly bad year" marked by regulatory rebukes.

At least four of the country's s

Century Textiles Q4 net profit at Rs 36.83 cr

Century Textiles and Industries Ltd today posted a net profit of Rs 36.83 crore for the fourth quarter ended on March 31, 2017. The company had reported a net loss of Rs 2.30 crore in the January-March period a year ago, Century Textiles said in a BSE filing.

Its total income from operations was at Rs 2,353.50 crore, up 4.28 per cent, during the quarter under review as against Rs 2,25

Infosys pushes salary hikes to July, even later for executives

Infosys has deferred salary hikes for employees to July and even later in case of senior executives as the Indian tech industry struggles to cope with uncertain environment and visa-related issues in key markets like the US, reported PTI.

Typically, the country's second-largest software services firm rolls out increments from April but this year the hikes have been pushed back to

India cool on Beijing summit as "Silk Road" stirs unease

By Sanjeev Miglani

NEW DELHI  India is likely to be represented by local embassy staff or academics this weekend at a major gathering of leaders and ministers on China's "Silk Road" initiative, reflecting deep unease in New Delhi about the far-reaching project.

India's main objection to China's plan to build ports, railways and pow

Indian equities slip, investors cautious ahead of macro-data release

 Indian equity markets on Friday slipped as investors were cautious ahead of the release of major domestic macro-economic data.

The new series of Wholesale Price Index (WPI) and Index of Industrial Production (IIP) data with the revised base year of 2011-12 are slated to be released later in the evening.

Besides, sentiments were hampered by negative global cue

Key Indian equity indices trade flat in early session

By Samantha Kareen Nair

Indian shares edged lower on Friday, after hitting record highs in the previous two sessions, as investors turned cautious ahead of inflation data and booked profits in recent outperformers.

Consumer price inflation (CPI) is expected to have eased to a three-month low of 3.49 percent in April from 3.81 percent the previous month, below the central ban

Asian Paints` Q4 consolidated net profit up 10%

Decorative coatings company Asian Paints on Thursday reported an increase of 10.4 per cent in its consolidated net profit for the fourth quarter (Q4) of 2016-17.

According to the company, its consolidated net profit during the quarter under review increased to Rs 462.22 crore from Rs 418.70 crore in the corresponding period of 2015-16.

Asian Paints' consolidate

India pitches to private companies for help in defence drive

By Aditya Kalra and Nigam Prusty

NEW DELHI   India presented a long-delayed plan to industry officials on Thursday for selecting private arms manufacturers to help build an indigenous defence industry, a government document seen by Reuters showed.

Local companies will be chosen as strategic partners that can combine with foreign firms to manuf

Coal workers to strike against planned provident funds merger

NEW DELHI  Five trade unions at top coal producers in India will go on a three-day strike in June to protest against a proposed merger of the coal miners' provident fund with the employees' provident fund, they said.

The unions, which claim they represent more than 400,000 coal mine workers, also called for an end to the contractual system for appointment

Gujarat Pipavav clocks 28% profit in Q4 at Rs 66.19 cr

India’s first private sector port Gujarat Pipavav Port Ltd on Thursday reported a surge of 28.1 per cent in its standalone net profit after taxes (PAT) at Rs 66.19 crore for the fourth quarter ended March 31, 2017.

“The standalone net profit of the largest container terminal operater stood at Rs 51.67 crore during the same period a year ago,” Gujarat Pipavav Port Ltd

Havells India Q4 net plunges 74% at Rs 94.70 cr

Consumer electrical goods maker Havells India Ltd on Thursday reported a sharp fall of 74.1 per cent in its standalone net profit after taxes (PAT) at Rs 94.70 crore for the fourth quarter ended March 31, 2017. “The standalone net profit of the company stood at Rs 365.74 crore during the same period a year ago,” Havells India Ltd said in a filing to the Bombay Stock Exchange on May

No downsizing, says TCS

Bucking the trend, lobal software major Tata Consultancy Services (TCS) has ruled out laying-off employees in the near future and instead plans to create more jobs.

"No, certainly no," Rajesh Gopinathan, CEO and MD of TCS, told IANS here on Thursday when asked if there were any plans of laying-off employees or downsize as some other big players in India's IT sector have

India private forecaster Skymet holds to weak monsoon view, contrary to IMD

NEW DELHI    India's only private weather agency on Thursday warned against "irrational exuberance" after a state forecast flagged heavier-than-expected monsoon rains and the stocks of companies dependent on the farm economy shot ahead a second straight day.

The Indian Meteorological Department (IMD) told Reuters late on Tuesday that the J

Global cues surge equity markets to new highs

The Indian equity markets closed at new highs on Thursday, as positive global cues and an appreciating rupee buoyed investors' sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) provisionally closed at 9,422.40 points -- up 15.10 points or 0.16 per cent.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at a new

In Trump's shadow, Fed official says trade barriers a 'dead end'

MUMBAI     New York Federal Reserve President William Dudley said on Thursday the U.S. central bank will normalise its balance sheet in a "very careful way", while leaving "sufficient" excess reserves in the financial system.

Dudley, in a speech in Mumbai, also told the audience not to expect any "dramatic change" in moneta

Snapdeal founders, Nexus reach deal with SoftBank for sale to Flipkart - TV

Founders of Indian online marketplace Snapdeal and one of its early investors, Nexus, have reached an agreement with SoftBank Group that would allow the Japanese firm to move ahead with its plan to sell Snapdeal to bigger rival Flipkart, ET Now reported, citing sources.

Nexus and Snapdeal founders have agreed to the terms of payment with SoftBank wherein Snapdeal founders would get $1

HCL net up 20.8% in Q4

HCL Technologies Ltd posted Rs 2,325 crore consolidated net profit for the fourth quarter (Q4) of fiscal 2016-17, registering 20.8 per cent year-on-year (YoY) growth from Rs 1,926 crore in the same period a year ago (2015-16), said the global software services major on Thursday.

Sequentially, the net profit in Q4 (Rs 2,325 crore) grew from Rs 2,070 crore in the third quarter regi

HPCL seeks gasoil as refinery starts maintenance - sources

SINGAPORE   Hindustan Petroleum Corp Ltd is seeking gasoil amid planned maintenance at its 180,000 barrels-per-day Bathinda refinery, three industry sources said on Thursday.

The company is seeking 60,000 tonnes of gasoil with a sulphur content of 40 parts per million for delivery into Visakhapatnam over May 25 to 30, a tender document seen by Reuters showed

Vardhman Textiles Q4 net profit dips 10 % at Rs 158 cr

Vardhman Textiles has reported a 10 per cent drop in net profit to Rs 158.56 crore for the fourth quarter ended March.

The company had posted a net profit of Rs 176.21 crore in the corresponding period of the last fiscal. However, for the entire fiscal ended March 31, the company's net profit stood at Rs 981.41 crore, as against Rs 614.59 crore in the financial year 2015-16.